Genus PLC: FY‘26 Trading Update : 6% beat on H2‘26 Adj. PBT, we anticipate limited changes to FY‘27 estimates

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Genus PLC: FY‘26 Trading Update : 6% beat on H2‘26 Adj. PBT, we anticipate limited changes to FY‘27 estimates

C A Z E N O V E Europe Equity Research

14 July 2026

Genus PLC Overweight

GNS.L, GNS LN

FY’26 Trading Update : 6% beat on H2’26 Adj. PBT, we Price (13 Jul 26):2,034p

anticipate limited changes to FY’27 estimates

European Pharmaceuticals &

Our Take: Ahead of preliminary results on 10 Sept 2026, Genus this morning Biotechnology

released its FY'26 Trading Update with FY’26 Adjusted PBT expected to be c. Sophia Graeff Buhl Nielsen AC

£98m, which implies 2H’26 Adjusted PBT of £42.3m, c. 6% ahead of Company (44-20) 7742-3918

Consensus. PIC delivered a strong performance driven by Asia (including China) sophia.graeffbuhlnielsen@jpmorgan.com

and Latin America, more than offsetting the weaker performance in North America Richard Vosser

due to customer disease challenges including PRRS outbreaks. ABS also delivered (44-20) 7742-6652

richard.vosser@jpmorgan.com

strong double-digit Adjusted EBIT growth in 2H due to continued benefits from

Zain Ebrahim

the VAP program (JPMe: £7m), which offset softer customer demand and adverse

(44-20) 3493-1163

product mix. Genus did not provide any guidance for FY’27; however, we would zain.ebrahim@jpmorgan.com

anticipate BBG consensus for Adj. PBT of £92.5m to remain broadly unchanged J.P. Morgan Securities plc

despite the stronger than expected performance in H2’26, pending further clarity

on the impact of market conditions such as the disease outbreaks in North America. Specialist Sales contact details:

Genus further noted it has received £111m from the formation of the porcine JV Marjan Daeipour - Specialist Sales -

with BCA, which it sees as lowering its FY’26 leverage ratio to 0.4x. Overall, we European Healthcare